Parallex Bank has said it is planning to open 12 new branches before the end of the year.
This was made known by the Managing Director of Parallex Bank, Olufemi Bakre on Wednesday at the official opening of its Marina branch in Lagos Island.
He said, “We are still investing to remain competitive. The fintech arrival or disruption is not a disruption to our value proposition to our customers, rather, we are a bank to compete with and a bank to beat.”
Bakre encouraged other microfinance banks to transition in order to boost offerings in the market.
He said, “We are coming out as a model to encourage other microfinance banks to come out and compete with us. Technically, we are less than two years and irrespective of our newness and age, I‘m pleased to inform you that the bank has not only broken barriers, we are on a profitability path. As a bank, we have over 100,000 customers and this is just the starting point.”